This was reported on smartmoney.com. GREAT PRICES and a NEW AIRPORT are giving us some NATIONAL ATTENTION!
Credit-crunch-squeezed homeowners and investors are unloading second homes en masse, offering up desirable vacation properties at some pretty steep discounts.
"When the market is down and there's blood in the streets, someone else's misfortune could work in your favor," says Ken Kamen, president of New Jersey-based Mercadien Asset Management. Buying now entails some risk, however. After all, prices could drop even further. But for those looking to hold a property long term for a family vacation spot or eventual retirement retreat should feel confident that they'll recoup the investment, he says.
Here are five places where vacation-home bargains abound:
PANAMA CITY BEACH
There's something for everyone in this Panhandle town where white "sugar sand" beaches along the Gulf of Mexico give way to inland attractions, including six championship golf courses and an active restaurant and nightlife scene. Prices for beachfront property run the gamut from $100,000 for a one-bedroom condo, to $2 million-plus for single-family homes of five bedrooms or more, according to vacation rental site HomeAway.com.
Why Buy Now: Besides the weather (temperatures rarely dip below the 60s, even in January) a new international airport is slated to open in the next couple of years. With it comes low-cost carriers and an abundance of nonstop flights. (Currently, flying from New York involves at least one connection and travel time of anywhere from 4.5 to 13 hours. In comparison, a nonstop flight from New York to Orlando takes about two hours.) That ease of access should help boost tourism -- and property values, says Anil Pereira, CEO of SecondSpace.com, a property-finding service. "It'll be more feasible to own a second home there," he says. "People will be able to fly in for the weekend."
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